MEXC Review

The crypto industry offers a wide variety of exchanges, all with slightly different benefits and drawbacks. Many people, however, prefer top-rated platforms like Binance and Bybit, but MEXC is another name that frequently appears on such lists with its extensive features. So, in this MEXC review, we’ll explore its interconnected trading ecosystem full of various features and tools.

The exchange is well-regarded, with many fans and a growing user base. It serves a lot of different purposes and needs, making it desirable for people who like to try out a range of trading methods and styles. But how well-suited is it to these different areas, and does it deserve the reputation it has? Not only this, but people often wonder is MEXC available in the US (hint - it's not).

I’ll examine key aspects of the platform, including MEXC fees, application, and trading dashboards. By the end, you'll know what makes MEXC stand out, along with its shortcomings and their impact on users.

What is MEXC?

MEXC is a crypto exchange that is aimed at all forms of traders, from retail, all the way up to institutional. It is a service that incorporates a range of different trading styles, such as spot, futures, and copy trading, creating a platform that usually has something for everybody. This essentially makes it an all-rounder when it comes to this industry rather than a specialist exchange.

MEXC supports a huge variety of cryptocurrencies (more than 2,900!) and often includes newer, less established ones that may not be available on other exchanges. This extensive list also includes meme coins, known for their community-driven nature and viral appeal. This has made the exchange popular among traders looking for early investment opportunities.

Speaking of which, it even has a separate Memecoin Zone, catering to the hype-driven world of internet culture. Memecoins are community-powered tokens that thrive on social media buzz and viral trends, making them both unpredictable and fun! With this dedicated zone, you can easily access the latest and most popular memecoins.

📚 Read More: How to Buy Meme Coins

The company also distinguishes itself through a commitment to security and user experience via its advanced security protocols to safeguard user funds and personal information. Nevertheless, to be able to trade, you are not required to complete the MEXC KYC process. So, in this sense, it also amplifies the decentralized nature of crypto on the platform.

In an effort to cater to a collection of different audiences, the MEXC exchange provides multilingual support and has a broad geographical reach. This international focus is reflected in their variety of supported cryptocurrencies, which often include regional and country-specific tokens. It is also echoed through its desire to form relationships with professional institutions, as well as serve retail investors from multiple regions.

It would be fair to say that the MEXC exchange has a keen eye for attracting a plethora of customers, covering many bases in this ever-changing and evolving industry. However, whether it serves these bases well is of particular importance to my MEXC review, with an enhanced focus on the average trader.

MEXC Review: PROS

Let's delve deep into this MEXC review by highlighting its strong points. Starting here is beneficial as it sheds light on the characteristics and functionalities that captivate its users and helps to elucidate why someone would opt for the MEXC exchange for their trading requirements rather than other well-established options like Bybit or Binance, for example.

Spot and Futures Trading

The MEXC exchange supports both futures and spot trading. Spot trading is where somebody purchases a cryptocurrency for immediate delivery and settlement, where the transaction is handled instantaneously or "on the spot”. It is the most common form of trading and is usually what most newcomers and beginners think of when they consider this industry.

Futures trading, on the other hand, is a little different. This involves buying and selling futures contracts, which are agreements to buy or sell a specific quantity of a particular asset at a certain price and date in the future.

Unlike with spot trading, the buyer does not own the asset in question after the transaction. Instead, they own a contract that gives them the right to buy or sell the asset at a specific price on a specific future date.

It is good to see that both futures and spot trading are offered by MEXC, as it shows that it is interested in this type of clientele just as much as less advanced investors.

It is important to note in this MEXC review that, when it comes to interfaces, this exchange does not discriminate between the two. Both MEXC’s futures dashboard and its spot trading dashboard are fully-fledged and feature-rich, containing a range of financial tools and types of data that any trader would expect to have if they wanted to make informed decisions.

Not only this, but both dashboards even have integration with TradingView, one of the leading trading metrics companies on the market, offering precise technical analysis tools. While complete beginners might not appreciate this type of integration, advanced users will be very happy to know that they have access to such information right inside the console rather than having to switch tabs.

In addition to this, the MEXC exchange even presents users with a live and regularly updated market depth view. This is a snapshot of the demand for a particular cryptocurrency. It is often presented in the form of a chart that visually represents the levels of supply (sell orders) and demand (buy orders) at different price points.

Depth views contain two sides. They have "bids," or buy orders, which are orders to purchase the cryptocurrency at a specific price. The bids are represented on the left side of the chart and are shown in green. And they have "asks," or sell orders, which are orders to sell the cryptocurrency at a specific price. The asks are represented on the right side of the chart and are shown in red.

These are great because they show traders what type of liquidity is on the exchange, whilst also giving a visual representation of the supply and demand available. In other words, they are a way of ensuring that traders can make fact-based decisions and keep up to date with the trading landscape on a second-by-second basis.

📚 Related: A Guide to Crypto Chart Patterns

Futures Demo Trading

Not only does MEXC offer futures trading, but it even features a demo trading tool. This is essentially a type of sandbox or playground that allows traders to learn in a risk-free way how to trade cryptocurrencies via futures contracts.

With this tool, you can practice trading with demo coins without putting up any of your own money. This is a great way to learn the different markets, how to use the MEXC platform, and develop your trading strategies.

It is fantastic for people who want to get involved with crypto but are nervous about making mistakes. In this sense, the MEXC futures demo trading tool works as a way of dipping your toes into the trading waters without incurring any dangers.

It is also a good tool for anyone who wants to get acquainted with crypto in a safe environment. They could use MEXC’s demo trading interface to get the hang of the crypto trading industry.

This is arguably one of the most beginner-friendly tools an exchange can offer, as it eases them into the nature of trading in an environment where experimentation and making mistakes are encouraged, as it helps to gain insights and learn how to act when people transition into real trading.

Copy Trading Feature - Supported!

Yet another great beginner’s tool is MEXC’s copy trading interface, which is available after you complete the MEXC KYC process. Copy trading is a form of social trading where investors copy the trades of other, more experienced individuals or where they copy the actions of their peers. It can be a great way for newcomers to learn the ropes by focusing on the behavior of another, although, unlike with demo trading, it is not without risk.^[1]

The worst way to think about it is to see it as absolving yourself of the actions and outcomes that affect your money. Copy trading is passive in the sense that you are not making every decision but active in the sense that you still choose who to sync yourself with.

In the world of crypto, copy trading has become increasingly popular, as this industry has always had a strong social media streak running through it due to being a digital-native asset class. This is why it is so important to highlight it in this MEXC review. This particular brand of copy trading has some great features for people to keep in mind.

For starters, the stats of every trader you can copy from are displayed and updated momentarily, with top performers shown within a leaderboard. Users’ ROI, PNL, and win rate are displayed for both their last seven days and their overall timespan as a copy trader. Not only this, but you can also see what their trading style is like with the badges that get pinned to each user.

For instance, traders can be marked as being stable, long-term, short-term, aggressive, high-frequency, and low-frequency. However, this is not an exhaustive list. Having this type of information at hand is extremely useful as it gives you an indication of how these traders will react to certain actions and behaviors exhibited by the markets.

When it comes to choosing a trader to copy from, it cannot be understated just how necessary it is to know this, as the way a trader acts is just as important as how successful a trader is overall.

This is because, if you choose to pair with them, you are going to be matching their actions and moving in tandem, and so you need to be comfortable with how they conduct their business. It takes a certain type of person to be able to stomach some trading actions if they do not agree with them, even if they are typically successful.

Copy-trading offers a symbiotic relationship for both parties. While those who copy others get the benefit of following the actions of esteemed individuals, those who offer to get copied receive profit shares. This is the act of getting extra money when people who follow them make gains. It is essentially a way of rewarding talented traders by giving them additional revenue for their apt and savvy actions.

Considering how, on MEXC, you can have up to 1000 followers, this profit sharing can amount to a huge sum of money. In this sense, it may even be hard to conceptualize just how profitable such activity can be. But of course, it is dependent on being successful on the trading floor.

Very Low Fees

No MEXC review, or exchange review of any matter, would be complete without a discussion of the fees. This is an area where the service shines, as MEXC’s fees are very low. For most trading pairs in spot trading, maker fees are set at 0% and taker fees at 0.05%. This is great for retail traders and institutional investors alike, as it means they do not need to worry about their money getting eaten up by the exchange itself.

MEXC futures fees are also low, with its maker fees also being 0% and taker fees being 0.02%. Besides, you can lower MEXC taker fees by 50% if you hold at least 500 MX (the native token of MEXC).

Overall, it's fair to say that MEXC’s low fees are one of the primary reasons why people flock to it. It is undeniably important that traders keep fees in mind because they are a cost that can very easily sneak up on you. Corporations factor this in as a given, but some retail traders who are just starting out can easily forget about it.

📚 Further Reading: MEXC Fees

Global Availability

Some people wonder, "Is MEXC available in the US"? While MEXC lives up to its name by having worldwide availability, it is not available in the US, along with North Korea, Cuba, Sudan, Syria, Iran, Crimea, Mainland China, Indonesia, Singapore, Venezuela, the United Kingdom, and Canada.

Yet, it is available in 170+ other countries, which makes the MEXC exchange a highly international one. It also means that there is a lot of access to liquidity on a global scale.^[2]

One of the perks of using an international exchange like MEXC is that you can be sure that it follows the regulatory rules of many different jurisdictions. What makes this positive is that it means it must be very careful with how it operates, ensuring that everything is by the books, as it has many rules to follow from many different nations and locations.

It is, however, also worth noting in this review that global exchanges are not exactly a rarity. Top-performing platforms like Binance and Bybit have an international presence (much like MEXC).

📚 Further Reading: Best US Crypto Exchange

High Security

MEXC is a security-first platform and has not experienced any major incidents to date. Due to AML policies, it implements KYC verification processes, which makes identity verification mandatory for trading.

The exchange stores assets in both hot and cold wallets and performs regular offsite backups for cold storage. This greatly reduces the possibility of your assets being stolen.

Additionally, its reserves are over 100%, and it also has a Futures Insurance Fund. This means that even if your assets are stolen in the event of a security breach, it ensures that you don't suffer any losses.

For user security, it offers additional protection methods such as two-factor authentication (2FA) and anti-phishing code. While 2FA is mandatory, setting an anti-phishing code is optional.

📚 Read Further: Cryptocurrency Security Guide

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MEXC Review: CONS

This MEXC exchange review would not be comprehensive without a detailed look into its potential shortcomings and drawbacks. Let's delve into the disadvantages I've encountered on this platform.

Limited Fiat Deposits & Withdrawals

Perhaps the main con I want to mention in this MEXC review is that the exchange does have some limitations when it comes to fiat currencies. While it is possible to buy crypto with fiat bank transfers and credit cards (20 different fiat currencies, including USD), deposits and withdrawals are way more limited than that.

It means that, if you want to take your money out of crypto, then you might need to transfer it to another exchange that can do this for you, such as Binance or Coinbase. Theoretically, MEXC does have the capability to do this via its P2P portal, but its availability is rather low.

When I checked this, I found that the only fiat currencies being supported are EUR, VND, RUB, and KRW. This is because it will all depend on which parties are actually using the P2P portal and which ones are open to facilitating such trades.

Besides that, you can also make a fiat withdrawal via bank transfers (SEPA). However, this option is also rather limited as only EUR is supported. 

This aspect is mentioned in several user MEXC reviews. After all, the act of moving funds from one wallet to another can be costly, depending on the cryptocurrency, and so this can eat away at profits. On the other hand, MEXC fees are really low, so it does make up for that in a way.

But it still is a fundamental part of centralized exchanges, so no matter what MEXC’s crypto options are, they might be overshadowed by the platform’s lack of utility when exiting the market for some. So, hopefully, fiat off-ramping will be expanded on MEXC at some point in the future.

No NFT Support

The crypto industry is not like it used to be, and even centralized exchanges have had to get with the times and keep themselves updated and fresh. One of the biggest alterations that CEXs have faced is that some of them now support NFT trading. Binance is definitely a leader when it comes to this, although there are others as well, such as Bybit.

However, MEXC does not have any support of this nature. Despite the changing and evolving of this space, MEXC is crypto, but not NFT, inclusive. There is no NFT marketplace or trading space for people to exchange these types of digital assets for money. That means if somebody has a lucrative NFT they would like to trade, they need to find another platform that will facilitate such activity.

MEXC did have NFT-related ETF indices attached to it. These worked by having MEXC buy a range of NFTs and then portion off percentages of them within an index, available to everybody else. If users purchased a certain amount of NFT index units, then they were able to get in touch with MEXC to trade them for an NFT. But these are not available anymore as well.

How to Sign up to MEXC

Let’s take a look at how you can get involved with MEXC and begin using this exchange for yourself. This will cover the MEXC website rather than the MEXC app.

You can now go ahead and explore the ecosystem as much as you want, although it should be noted that until you complete MEXC KYC, you will be limited in what trading activity you can do.

MEXC Legacy Features

Some features that were available on MEXC some time ago are currently discontinued. Among the most notable of these would be the leveraged ETFs.

Leveraged ETF Listings

One trading instrument that is not offered by many exchanges is leveraged ETF listings. These are a type of investment that allows you to trade a basket of assets with a multiplier. This means that you could control a larger position than you would be able to with a regular ETF, which could magnify your profits or losses, available on their website and on the MEXC app. They are not exactly futures, but they are a type of derivative that sometimes incorporates futures into them.

They were arguably a standout feature of the exchange, and are therefore worth some discussion within this MEXC review. The service offered x3 and x5 leveraged ETFs, and these could have been in short or long positions. A long position is when you buy an asset in the hope that its price will go up, and a short position is when you borrow an asset and sell it, hoping that its price will go down so you can buy it back at a lower rate.

These were in Bitcoin, Ethereum, Litecoin, and, surprisingly, even Binance ’ s BNB. On that note, it's also worth noting that Binance actually offers its own service which is similar in nature, referred to as Binance Leveraged Tokens. These are practically identical to that which MEXC provided, although it is worth taking a look yourself as there are some key and specific differences that are still relevant nonetheless.

Pros

• Secure and reliable
• Accepts fiat currencies
• Lots of trading options

Main Features

• Reputable exchange
• Accepts fiat currencies
• Offers various trading options

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Pros

• Fiat currencies - accepted
• Simple to use
• Accepts only the most trustworthy cryptocurrencies

Main Features

• A leading cryptocurrency exchange platform
• Best for beginner investors
• Accepts fiat currencies

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Pros

• Fully reserved and transparent
• Multiple tradable asset classes
• Over 300 supported cryptos

Main Features

• Over 300 cryptocurrencies
• Secure & transparent
• Fully reserved

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Conclusions

I have covered a lot in this MEXC review. I have looked at MEXC futures, fees,  demo playground, its lack of fiat withdrawals, and several other points. I have even assessed its global status and explained that MEXC is not available in the US. Nonetheless, it is fair to say that this is a multi-faceted platform with a lot of features to offer.

However, it is simultaneously important to note that it is lacking in some aspects, as well. Namely, its lack of NFT support and its inability to offer fiat off-ramping. Of course, many people won't mind this. For those who it does bother, though, they can try out other leading exchanges, such as Binance and Bybit.

Still, these factors should not overshadow the positives within my MEXC review, and if this service seems enticing to you, it definitely makes sense to try it out yourself and see how you get along with it!

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. C. Stein, P. Staudt, A. Greif-Winzrieth: ‘The Success of Others: Copy Trading and Risk’;

2. B. Tripathi, R. K. Sharma: ‘Cryptocurrency Exchanges and Traditional Markets: A Multi-Algorithm Liquidity Comparison Using Multi-Criteria Decision Analysis’.